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MINNEAPOLIS – TCF Bank has cashed more than $ 620,000 in student card fees from the University of Minnesota on the Twin Cities and Duluth campuses last year, according to the report. a consumer advocacy group.
The US public interest research group released a study last week that said 44 percent of university students have a TCF bank account, the Minnesota Daily reported.
University of Minnesota students pay an average of $ 22 per year in bank fees, including inactive account fees, said Kaitlyn Vitez, campaign director for the group for higher education.
While some students pay only a few dollars, others face hundreds of dollars in tuition, Vitez said.
She said that there are other banks available for students who do not carry ATM or overdraft fees.
"These fees are not in the interest of students, especially when we know that there are lower fee options for students," Vitez said.
The University of Minnesota entered into a fee-for-service marketing agreement with the bank in 2003. This agreement also granted the national bank the right to open banking facilities and install ATMs on campus. .
Debit cards are marketed to students as a "simple, easy" option and can be linked to university payment cards or used to deposit financial assistance.
TCF paid the school $ 1.6 million in its latest contract, including $ 200,000 for marketing, according to the latest report. The university also receives $ 37 in royalties for every student who opens a bank account with TCF.
The advocacy group found that students in schools with paid marketing agreements pay twice as much in bank fees as students in schools that do not have such agreements.
The University of Minnesota is the only university to still have a paid partnership with TCF Bank. The University of Michigan terminated a similar partnership with the bank in 2015.
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